AntioquiaGold Inc

Management Discussion and Analysis For High American Gold Inc. September 30, 2007 28/02/2008

For the Period Ended September 30, 2007

The following management discussion and analysis of the financial position of High American Gold Inc. (“High American” or the “Company”) should be read in conjunction
with the audited financial statements for the year ended March 31, 2007 and the interim financial statements at September 30, 2007. This MD & A is effective as of December
10, 2007.

The accompanying financial statements are presented in accordance with Canadian generally accepted accounting principles.

Forward Looking Information

Certain statements contained in the following Management Discussion and Analysis constitutes forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from actual future results and achievements expressed or implied by such forward looking statements. Readers are cautioned not to place undue reliance on these forwardlooking statements, which speak only as of the date the statements were made. Readers are also advised to consider such forward-looking statements while considering the risks
set forth below.

General

High American Gold Inc. is a Canadian public company whose shares are subject to a cease trade order in Canada as a result of being delinquent in filing audited financial
statements.

In 2001, the Company disposed of all of its assets, comprised primarily of mining property interests in Argentina, held through a wholly owned subsidiary company. This
was done as the Company did not have the resources available to continue to develop or maintain these property interests. In addition, the Company had substantial debts and
there were no prospects for financing in order to settle these debts or to continue as a going concern.

High American is a development stage exploration company with no assets and accordingly no revenues from mineral producing operations. The Company’s business
plan contemplates acquiring mineral exploration properties and conducting exploration programs. The mineral exploration business is risky and most exploration projects will
not result in producing mines. The Company may offer an opportunity to other mining companies to acquire an interest in a property in return for funding all or part of the
exploration and development of a particular property. For the funding of property acquisitions and exploration that the company conducts, the Company depends on the
issue of shares from the treasury to investors. These stock issues depend on a number of factors including a positive mineral exploration environment, positive stock market
conditions, a company’s track record and the experience of management.

The Board of Directors resigned in 2002 and there was no management team in place until June 21, 2007 when a shareholders’ meeting was held to elect new directors. The
new directors intend to re-activate the Company in the mineral exploration business.

Prior to the year end of March 31, 2007 and prior to the shareholders meeting called to elect new directors and auditors, a former director of the Company undertook discussions
with the Company’s creditors to negotiate a settlement that would be acceptable to new investors and allow the Company to raise money and be re-activated. These negotiations
were successful and by letter agreement dated March 30, 2007, High American Gold Inc. reached a successful settlement with its creditors. This will involve the issuance of 9.3 million common shares and the payment of $14,500 to the creditors. The issuance of shares cannot be completed until the Company has had the cease trade orders lifted and
approval of the regulatory authorities.

Overall Performance

The Company has no assets and its liabilities, which reflect the negotiated settlement with creditors, total $66,045. The 9,300,000 common shares to be issued as part of the debt
settlement are reflected under long-term liabilities. There was no bank account as at September 30, 2007. High American is inactive. All of the directors of the Company
resigned in 2002, however as of June 21, 2007 when a shareholders meeting was held, there is currently a board of directors comprised of three professionals, two chartered
accountants and one lawyer. Previously, one former director, who has since been reappointed to the Board of Directors, did act for the Company to negotiate settlements
with the creditors. These were agreed to in March 2007 and it is expected that these settlements should facilitate the re-activation of the Company as a going concern.

The issuance of shares cannot be completed until the Company has had the cease trade orders lifted and approval of the regulatory authorities.

Results of Operations

The Company reported net loss of $6,317 ($0.00/share) in the three months ended September 30, 2007 versus a loss of $6,000 ($0.00/share) in the same three month period
the previous year. The expenses during the period were legal and audit fees and office and general expenses. The six months ended September 30, 2007 included expenses for
directors and consulting fees totaling $15,000. These fees are to be settled by the issuance of shares at $0.05 as part of the debt settlement agreement.

Exploration and Property Update

The Company has no assets other than a GST receivable of $1,426.

INGRESA AQUI PARA VER LA INFORMACION COMPLETA